HOT SPRINGS, Ark., Sept. 15, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas and Bank of the Ozarks are pleased to announce they have awarded a $117,043 Affordable Housing Program (AHP) grant to assist with the construction of eight homes for very low- to moderate-income families in Hot Springs, Arkansas.
Garland County Habitat for Humanity (Garland County Habitat) will use the AHP grant to subsidize the cost of construction for the homes, which in turn, will result in lower mortgages for the first-time homebuyers.
"We have an enormous need for housing in Hot Springs," said Sue Ann Albers, associate executive director of Garland County Habitat. "Rents run from $500 or $600 a month for almost any type of housing at all. If homebuyers can qualify for our program, they can get into a Habitat house for about half that cost. Plus, they have the added benefit of owning their own home."
Garland County Habitat worked with Bank of the Ozarks to obtain the AHP grant. "Bank of the Ozarks is absolutely fabulous to work with, and they are so helpful," Ms. Albers said. "We have a great relationship with them."
FHLB Dallas awarded three AHP grants, totaling $270,000, through Bank of the Ozarks in 2011.
"We believe in Garland County Habitat for Humanity's mission," said Eric Gustafson, community development officer for Bank of the Ozarks. "We have enjoyed a long, fruitful relationship, and are excited to continue our support of Garland County Habitat in partnership with the Federal Home Loan Bank of Dallas."
The AHP grant is the third such grant that Garland County Habitat has received from FHLB Dallas and its member institutions.
"The need for decent, affordable housing has always reached beyond what we can provide, but house by house we are able to help a number of families in Hot Springs and Garland County," said John Goodman, executive director of Garland County Habitat. "With this most recent grant from FHLB Dallas, we will surpass 100 homes built. The FHLB Dallas grants over the past several years have been so critical to our operations. They allow us to keep moving forward and building more houses. I am truly grateful for the AHP."
Arkansas State Representative John T. Vines, D-Hot Springs, has been a longtime supporter of the Garland County Habitat.
"As a former board member, I am extremely excited and proud that Garland County Habitat received an Affordable Housing Program grant in 2011," Representative Vines said. "No one works harder to provide affordable housing in Garland County than John Goodman, his staff, and the board."
Ms. Albers said the grant will help fill funding gaps.
"We depend on donations and volunteer builders, but there are still costs that we can't cover any other way without the AHP funding," Ms. Albers said.
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. AHP grants are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. In 2011, FHLB Dallas awarded $11 million in AHP grants to 53 housing projects that will help create, renovate, or purchase 1,653 housing units, including more than $1 million to assist with 135 housing units in Arkansas.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.4 billion as of June 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $4.03 billion in total assets as of June 30, 2011 and trades on the NASDAQ Global Select Market under the symbol "OZRK." The Company owns a state-chartered subsidiary bank that conducts banking operations through 113 offices in Arkansas, Georgia, Texas, Florida, North Carolina, South Carolina and Alabama. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: www.bankozarks.com.